Why Travel and Tourism Matters
The travel and tourism industry in Chesapeake, Virginia, is an economic engine with an annual impact of more than $270 million in revenue. It employs nearly 3,000 people a year and affects every corner of our local economy.
Chesapeake Tourism would like to share some facts about the industry's economic impact on our economy, state and nation.
- Travel is among the top 10 industries in 48 states and D.C. in terms of employment.
- 1 out of every 9 jobs in the U.S. depends on travel and tourism in some form or fashion.
- Since the employment recovery began, the travel industry has added 865,600 jobs and has outpaced job growth in the rest of the economy by 37%.
- Tourism in the state of Virginia generates nearly $18 billion in visitor spending, supports more than 204,000 jobs and provides $1.3 billion in state and local taxes for communities in the Commonwealth.
- The Chesapeake Tourism office receives $1 from the occupancy taxes collected every time a hotel room is sold. Each dollar helps attract meetings, visitors and tourism dollars the benefit the city's economy.
- Travel and tourism is one of the country's largest employers, supporting 7.4 million workers. One out of every nine jobs in the U.S. depends on travel and tourism.
- Every $1 the state of Virginia invests in tourism marketing generates $5 in tax revenue for the Commonwealth. That's a 5:1 return on investment!
- Travel & tourism directly generated $141.5 billion in tax revenue for local, state and federal governments.
- Direct spending by resident and international travelers in the U.S. averaged $2.5 billion a day, $105.8 million an hour, $1.8 million a minute and $29,398 a second.
- Each U.S. household would pay $1,147 MORE IN TAXES without the tax revenue generated by the travel & tourism industry.